Interest rates dipped back down again erasing the bump in rates that followed the monthly jobs report.  The unexpectedly strong employment report on July 3rd had taken the market by surprise and brought out the calls for higher interest rates to hit the markets sooner rather than later.  The call for higher rates was immediately drowned out as interest rates were pulled right back down again throughout the week ending July 11.  The rise in interest rates that occurred during the week of the monthly jobs report release was wiped and then some, with mortgage rates and Treasury rates dropping below the rates that were present at the onset of the month.

Most all bank rates took place in the mini rate drop experienced during the week of July 7th to the 11th with the exception of CD rates which, once again, managed to squeeze out a small gain for the week.  The average CD rate found on the best CD rates available nationally increased by 1/1000th of a percent.  The CD rate index measures the top ten highest CD rates for three month CDs, six month CDs, one year CDs, two year CDs, and five year CDs that are available in all 50 states.  The CD rate index crawled higher this week to 1.115% from 1.114% in the prior week.

The increase in CD rates was driven by small bumps in the one year and two year maturities.  The average rate on the highest one year CD rates increased to 1.062% from 1.060% while the average rate for two year term bank CDs increased to 1.208% from 1.207% in the previous week.  Three month CD rates, six month CD rates, and five year CD rates were all unchanged for the week.

Mortgage rates were noticeable lower on the week.  The average 30 year fixed rate home loan coming from the nation’s largest bank mortgage lenders dropped by seven basis points or 0.07%.  The current rate for 30 year fixed rate mortgage in the survey stands at 4.196%.  Jumbo mortgage rates for 30 year term loans slid lower by more than 13 basis points pushing the average jumbo mortgage rate down to 4.090%.  FHA rates danced below four percent once again this past week.  The average 30 year FHA mortgage rate ended the week at 3.970%, down six basis points from the week earlier.

Money market account rates and savings account rates were unchanged week over week as were the rates offered on new consumer credit cards.  The average rate found on the top savings and money market accounts available nationally held at 0.897%.  The average rate offered on new credit cards was unmoved at 13.87%.  Both of these rates are variable rate bank products on the opposite sides of the ledger, one being a savings product and the other a loan product.  Variable rate bank savings and lending instruments have been relatively stable throughout the year.

The weekly bank rate survey provides a detailed report on bank savings rates and lending rates by different consumer rate categories.  The current bank rate survey is for the week ending July 11, 2014 with rates obtained on or after that day.  The weekly rate survey presented the following interest rates and their changes for mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:

Bank Rates Market Recap with the Weekly Change in Rates Offered for July 11, 2014

CD interest rates:
Composite CD interest rate index 1.115 percent (up .001 percent) 
3 month CD rates 0.402 percent (unchanged)  
6 month CD rates 0.747 percent (unchanged) 
1 year CD rates 1.062 percent (up .002 percent)  
2 year CD rates 1.208 percent (up .001 percent)  
5 year CD rates 2.156 percent (unchanged) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.897 percent (unchanged)

Mortgage rates:  
30 year mortgage rates 4.196 percent (down .073 percent)  
15 year mortgage rates 3.349 percent (down .07 percent)  
20 year mortgage rates 3.953 percent (down .129 percent)
30 year jumbo mortgage rates 4.090 percent (down .135 percent) 
30 year FHA mortgage rates 3.970 percent (down .06 percent)

Credit card rates:
Credit card rates for new credit card offers 13.87 percent (unchanged)

US Treasury rates:
Six month Treasury rate 0.07 percent (up .01 percent)
One year Treasury rate 0.11 percent (unchanged)
Two year Treasury rate 0.48 percent (down .04 percent)
Five year Treasury rate 1.65 percent (down .09 percent) 
Ten year Treasury rate 2.53 percent (down .12 percent)

All bank savings rates and lending rates are based on surveys conducted by at the close of July 11, 2014 with all of the interest rates obtained directly from the banks within the survey.  Treasury rates are obtained directly from the Department of the Treasury.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending July 11, 2014 at the following rate tables: 9 month CD rates, 3 year CD rates, 4 year CD rates, 20 year mortgage rates, VA mortgage rates, and the best interest checking accounts.

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